IAMGOLD $10.71 (Toronto symbol IMG; TSINetwork Rating: Speculative) (1-888-464-9999; www.iamgold.com; Shares outstanding: 376.1 million; Market cap: $4.0 billion; Dividend yield: 2.4%) owns 38% of the Sadiola mine and 40% of the Yatela mine, both located in Mali; 90% of its new Essakane gold mine in Burkina Faso; 100% of the Doyon mine in Quebec; and 100% of the Rosebel mine in Suriname, South America.
In addition, IAMGold has a 1% royalty interest in the Diavik diamond mine in the Northwest Territories. It also owns the Niobec niobium mine in Quebec. Niobium is a rare metal that when used as an additive makes steel stronger, more heat resistant and easier to weld.
In the three months ended March 31, 2012, IAMGold’s revenue fell 2.4%, to $404.2 million from $414.0 million a year earlier. Cash flow per share fell 14.0%, to $0.49 from $0.57. The declines came from lower gold sales, partly because some shipments were delayed until after the quarter ended. That was partially offset by higher gold prices and niobium sales.
IAMGold is now buying Trelawney Mining and Exploration (symbol TRR on Toronto).
Prices of junior mining stocks are depressed, so IAMGold is getting a bargain at $608 million, or $3.30 for each Trelawney share. That’s a big premium on the $2.30 it was trading at before IAMGold’s offer, but it’s well below the high of $5.91 that Trelawney shares hit in July 2011.
Trelawney’s Cote Lake gold project, located between Timmins and Sudbury, could hold as much as 6.9 million ounces of gold. The deal also lets IAMGold expand its operations in politically safe countries; the company’s biggest mines are in Suriname and Burkina Faso in West Africa.
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